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MoneyWeek Issue 957

There's a reason MoneyWeek is Britain's best-selling financial magazine. We exist to help you ground your portfolio so that it keeps your money safe during rough patches and growing in the good times. We don't just look at how to maximise your returns and limit your losses, we also like to look at how you can keep more of the money you've made. Week-in, week-out we'll guide you through the financial world as it changes, alerting you to all the opportunities to profit and dangers to avoid, as they appear. Income strategies, rising-star companies, the best funds and trusts, clever ways to preserve your wealth during market turmoil... you will get the best ideas from the sharpest financial minds and investing professionals in Britain.

País:
United Kingdom
Idioma:
English
Editor:
Dennis Publishing UK
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51 Números

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from the editor-in-chief...

Read most of the commentary on the election of our new prime minister and you won’t envy him at all (see page 8). Boris Johnson has boxed himself in on Brexit. No deal will destroy the UK and slam everyone else in the process (to the extent that the International Monetary Fund has announced it as one of the biggest threats to global growth there is). The UK is on the edge of recession, and of course our population is “hopelessly divided”. “With Boris Johnson’s election, it really isn’t impossible to feel positive about the UK” There are elements of truth in all of this. But there is also an undercurrent of unwarranted hysteria. The UK economy isn’t perfect. But many of its projected miseries are based on the expectation of either…

access_time1 min.
trade of the week

Six years ago, while employed as an “adviser” by miner Rio Tinto, Henry Steel wrote part of his PhD on Rio’s Oyu Tolgoi copper mine in Mongolia (pictured). Although sponsored by Rio, his report wasn’t complimentary – he argued that the Mongolian state’s stake was worthless. He left Rio soon after, reports the Financial Times, and did not get his PhD. However, he did go to work for hedge fund Odey Asset Management. Convinced that the mine was a money pit, he “concocted a massive bet” against it by shorting Turquoise Hill, which owns two-thirds of the mine and runs it for Rio. That paid off when Rio warned last week of costly delays to the project. Shares in Turquoise Hill fell by 40%, and Steel made $50m for Odey. Cover…

access_time1 min.
good week for

Irish golfer Shane Lowry (pictured) pocketed $1.935m this week for winning this year’s Open Championship (the prize money for the Open is paid in dollars) at the Royal Portrush golf club in Northern Ireland. It was the first time the championship had been held on the island for 68 years. Property company WeWork is to receive €62m (£55.7m) of “financial inducements” as part of a deal to sublet the European Medicines Agency’s (EMA) 280,000 square-foot London office after it relocates to Amsterdam. The EMA is locked in to 25-year lease with its landlord, which could have cost the European Union up to £500m to break.…

access_time1 min.
bad week for

A 25-year-old woman whose “extremely disruptive” behaviour caused a flight to be diverted has been handed a bill for £85,000 by the airline, Jet2, to cover the cost. The passenger’s “catalogue of aggressive, abusive and dangerous” behaviour ended with her trying to open the cabin doors. The plane, which was on its way to Turkey, had to be escorted back to Stansted airport by two RAF Typhoon fighter jets. Credit reference agency Equifax is to pay $700m after agreeing a settlement with US regulators over a data breach in which 147 million customers’ details were exposed. The Federal Trade Commission said it had failed to take reasonable steps to secure its network, reports the BBC. The UK’s Information Commissioner’s Office has already fined Equifax £500,000 over the breach.…

access_time2 min.
the earnings bubble hisses air

“America Inc. mints $1bn every five hours,” says The Economist. The long bull market has rested on booming corporate profits, which are up 455% over the past 25 years. A third of every dollar made by firms worldwide is now accounted for by US businesses. Yet “the era of relentlessly expanding profits is under threat”. Last week marked the start of the second-quarter earnings season, the multi-week period that sees US firms report their most recent profits. The forecasts are gloomy. At the start of the season FactSet data predicted a 1.9% year-on-year decline in the average [second-quarter] earnings of S&P 500 companies. Because earnings fell 0.3% in the first quarter on a year before – mainly due to Trump’s corporate tax cuts falling out of the annual comparison – that…

access_time1 min.
are british stocks set for a boris bounce?

Could UK stocks be in line for a “Boris bounce”? asks Sally Hamilton in The Mail on Sunday. They have been “stubbornly out of favour” ever since the referendum, returning just 19% over three years compared with 43% for American equities. A “triple cocktail” of fears about a no-deal Brexit, a Corbyn government and wider political uncertainty has depressed returns. Yet that opens up an opportunity for value investors. The murky outlook has also sent the pound to a two-year low against the dollar. A falling currency deters foreign investors. The weak pound is not all bad news, however. With so many FTSE 100 companies drawing revenue streams from overseas – Societe Generale estimates that 63% of the blue-chip index’s sales are generated outside of Europe – their profits are flattered…

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